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Foreclosures Hit a Bad Record in 2009 Business Articles | November 23 Cheap Jason Williams Jersey , 2010
The high number of foreclosures, and the continuous threats on existing homeowners, has hit the lowest records and is still expected to get worse.

Last year, an incredible number of homeowners ? 2.8 million ? was threatened by possible foreclosure of their properties, and this year, that number is expected to rise, as more and more people are suffering from unemployment and homeowners are unable to pay their mortgages.

The number of houses that received foreclosure notices increase by 21 percent from the previous year Cheap Vlade Divac Jersey , according to a report by a Real Estate foreclosures services provider. One in 45 households receive something related to foreclosure, which may be a notification, auctions and repossessions.

?In December, around 349,000 houses, or one in every 366 households, were given a notice that is related to foreclosure. This represents a whopping 14 percent increase from November Cheap Peja Stojakovic Jersey , and an even higher increase in December at 15 percent.

Banks repossessed around 92,000 homes, an increase by 19 percent from November. This was probably because of the lenders who were working hard to clear their books by the end of the year.

Stemming the foreclosures tide is one of the most important steps that the Real Estate sector and the economy can take to recover. Because foreclosed properties are more likely to be sold at a discounted price, properties will most likely see a decrease in prices. Cities lose dollars worth of property tax due to empty foreclosures, as well as the decreasing values of homes. This continues to strain local economies. And even though the price of houses stabilized in several cities, the national statistics still indicate that it is down by 30 percent, from the middle of 2006.

The high number of foreclosures has forced the government Cheap Oscar Robertson Jersey , both at the federal and state levels, to devise plans to help borrowers who are in trouble. One of the major plans that the Obama administration launched, the Making Home Affordable program, has already helped homeowners to ease into the crisis. Through loan modification programs by lenders, some homeowners were able to keep up with their monthly payments.




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